Germany Says Much Work Needs to Be Done on EU Banking Oversight
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European leaders have several hurdles to overcome before establishing centralized banking oversight that some member states view as essential to resolving the European debt crisis, a German official said.
European officials, who will take up the issue again at a meeting in Brussels on Dec. 3-4, haven’t sufficiently addressed issues regarding which banks to focus on, what powers a central authority should have and interfering with national legal frameworks, the official told reporters today in Berlin. He spoke on condition of anonymity in line with government rules.